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Avianca Planning $1.8bn Debt Sale
Colombian carrier Avianca Holdings SA seeks to raise $1.8bn to repay debt and provide new financing in a move to exit from bankruptcy reorganization that the company was forced into as a result of the pandemic’s travel collapse. Seabury Securities LLC has been...
Mexico’s Hydrocarbons Law Reforms Designed to Aid Pemex Approved
Mexico’s Chamber of Deputies approved President AMLO's new bill to reform Mexico's Hydrocarbons Law, which seeks to strengthen Petróleos Mexicanos (Pemex). The reform was approved with 292 votes in favor, 153 against and 11 abstentions. The new bill essentially seeks...
Guotai, Shinhan Launch $ Bonds; Macro; Rating Changes; New Bond Issues; Talking Heads; Top Gainers & Losers
US equities advanced as the S&P was up 0.3% and the Nasdaq rallied 1%. US March headline CPI came in at 2.6% while core CPI was at 1.6% vs. 1.7% and 1.3% respectively in February. The sharp rise in the headline number comes on the back of ‘base effects’ and a 9.1%...
DIB Raises $500 Million via PerpNC6 AT1 at 3.375%, Lowest Ever in The GCC
Dubai Islamic Bank (DIB) raised $500mn via a perpetual non-call 6Y (PerpNC6) AT1 Sukuk at a yield of 3.375%, an average of 31.25bp inside initial guidance of 3.625-3.75% area. The bonds are unrated and received orders over $2.7bn, 5.4x issue size. The AT1s' first call...
Huarong’s Dollar Bonds See Sharpest Sell-Off Yet Tumbling 15-20%
China Huarong Asset Management Company (CHAMC) saw its dollar bonds sell-off over 15-20% yesterday. Concerns about restructuring continues to worry investors with the delay in publishing its results while global major ratings agencies have put the distressed asset...
Aldar and Emaar Reports Strong Sales
UAE property developers Aldar and Emaar reported strong sales numbers as the UAE property market gathers steam. Abu Dhabi’s Aldar said that investors snapped up all 480 residential units in the Noya Viva expansion on Yas Island within 48 hours, generating AED 1bn...
Army General Luna Joins Petrobras Board Before Taking The Helm as CEO
Joaquim Silva e Luna, a military general close to Brazilian President Jair Bolsonaro, will take control of the state-owned oil giant Petroleo Brasileiro SA (Petrobras). Luna was named to the board of directors of Petrobras, a step prior to being appointed as CEO, in...
Rabobank Raises €750mn via PerpNC7.66 at 3.1%
Dutch lender Rabobank raised €750mn via Perpetual non-call 7.66Y Additional Tier 1 (AT1) bonds at a yield of 3.1%, 323.4bp over Mid Swaps and 40bp inside initial guidance of 3.5% area. The AT1s are expected to be rated Baa3/BBB vs. Rabobank's rating of Aa3/A+/A+. If...
Tencent, JD.com, Meituan and 31 Others Hauled in For Meeting With Chinese Regulators
In a meeting organized jointly by Chinese Cyberspace and tax authorities, the regulators warned 34 big technology companies that it would be tightening scrutiny and advised them to follow the country's regulations and rectify their anti-competitive practices within a...
